Amazon just put the entire pharmaceutical industry on notice

Amazon just put the entire pharmaceutical industry on notice

An aging population means we'll see an increase in health concerns and chronic conditions like heart disease, neurodegenerative diseases, and cancer that can be costly to manage.

Here's how PillPack works: Users receive a monthly roll of pre-sorted medications with labels that include photos and instructions.

The move sent shares of drug distributors and retailers lower. "Anyone who takes several prescription pills a day should look into it".

Amazon was vague in terms of what it plans to do with PillPack, other than supporting the startup's team as they "continue making it easy for people to save time, simplify their lives, and feel healthier", according to Amazon's worldwide consumer CEO Jeff Wilke.

"Together with Amazon, we are eager to continue working with partners across the health care industry to help people throughout the USA who can benefit from a better pharmacy experience", PillPack chief executive TJ Parker said in a statement.

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Terms were not disclosed on the deal for PillPack, an online pharmacy which operates in all 50 U.S. states and offers pre-sorted dose packaging and home delivery. It also handles refills and communicates directly with users' insurance and doctors.

There's a reason shares of CVS, Walgreens, and Rite Aid were tumbling Thursday, and it can be summed up in one word: Amazon. "Together with Amazon, we are eager to continue working with partners across the healthcare industry to help people throughout the USA who can benefit from a better pharmacy experience". The parties expect to close the transaction during the second half of 2018.

Amazon on Thursday announced it had signed an agreement to acquire PillPack, an online pharmacy.

PillPack was a 2014 finalist for Co.Design's Innovation By Design Awards.

Shares of drug wholesalers McKesson Corp, Cardinal Health and AmerisourceBergen also fell sharply. Apparently Walmart was also interested in buying PillPack and was outbid by Amazon. In January, the company announced a collaboration with JPMorgan and Berkshire Hathaway meant to reduce healthcare costs for USA workers.

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